Reddit, the 19-year-old website that hosts millions of online forums, priced its IPO on Wednesday at $34 a share, the top of the expected range.

The offering brought in $519 million, according to a press release, and values the company at close to $6.5 billion. Reddit had planned to price the deal at $31 to $34 a share.

Reddit’s public market debut on Thursday, under ticker symbol “RDDT,” will be the first for a major social media company since Pinterest’s debut in 2019 and one of the very few venture-backed tech deals of the past two years.

The company is taking a haircut from its private market valuation of $10 billion in 2021 at the peak of the tech boom. Soaring inflation and rising interest rates pushed investors out of risky assets in 2022, eventually forcing startups to downsize, slash their valuations and focus on profit over growth.

On Wednesday, data center hardware company Astera Labs went public, and saw its shares skyrocket 72%, as investors flock to anything involving artificial intelligence.

Reddit’s core business of online advertising faces competition from industry giants like Alphabet and Meta.

Revenue increased 20% last year to $804 from $666.7 million in 2022. Its net loss in 2023 was $90.8 million, marking an improvement from the $158.6 million net loss it recorded in 2022.

Reddit sold 15.28 million shares in the offering, while existing shareholders sold another 6.72 million.

WATCH: What a Reddit IPO would mean for capital markets.